Aldar Properties PJSC delivered a net profit of AED668 million for the first quarter of 2018, up 4% from Q1 2017 (AED641 million), reflecting a strong start to the year.

Among the highlights from the first quarter of 2018 are revenue of AED1.5 billion driven by strong revenue recognition on developments under construction; gross profit of AED715 million; and development sales of AED681 million.

Aldar’s asset management portfolio of residential, retail, office and hospitality properties also delivered a resilient performance during the first quarter of 2018, recording net operating income of AED396 million.

Commenting on the results, Talal Al Dhiyebi, CEO, Aldar Properties, says, “Aldar started 2018 strongly with the announcement of an historic partnership with Emaar to develop the next era of iconic real estate destinations. The initial AED30 billion pipeline of projects, including Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, is just the start of this partnership, which will enhance our country’s reputation as a destination of choice for residents and tourists alike. Our launch of a boutique development on Reem Island – Reflection – shows the continued momentum in our development business, which recorded sales of AED681 million during the quarter, while our asset management business also continued to deliver a resilient performance.”

“Our acquisition of AED3.7 billion of assets from TDIC, including a portfolio of assets in the prime Saadiyat Island destination, as well as the launch of Alghadeer in April, cements our reputation as Abu Dhabi’s leading real estate developer and asset manager and underlines the scale of our ambitious plans for future growth,” he adds.